Insurance is the financial responsibility a business or person assumes in the event you damage someone’s property or cause harm to another person in any way. It is important to have insurance before driving any manned vehicle and the same applies to Unmanned Aerial Vehicles (UAVs). Insurance is a key aspect of risk management and can help your business overcome legal complications arising from unforeseen accidents caused by your drone.

Drone owners, manufacturers and operators alike are finally showing an interest in learning about drone insurance. Drones are still in a development phase and there are no specific rules and regulations governing their use. Therefore, there are a number of questions in the minds of people regarding the insurance policies of these air vehicles. People want to know how drone insurance is going to work. The following is a compilation of all the aspects that must be taken into account when it comes to drone insurance.

Is drone insurance really necessary?

It is true that right now there are no implications for not having drone insurance. You can fly your drone even if it is not insured. However, it is increasingly necessary to take out insurance for these air vehicles, since they can cause serious damage if they get out of control and cause an accident. Also, as the use of these drones increases, the authorities will definitely force drone owners to buy insurance before they can start flying them. So it’s a good idea to buy drone insurance today so you don’t have to worry about it at a later stage.

Criteria for establishing premiums

The cost of drone insurance mainly depends on the level of danger that may be involved with the operation of the drone. Mainly, the choice of the platform, the experience of the operator and the use of the drone are taken into account to estimate the coverage that the insurance company will provide you. If there is a greater possibility of an accident occurring, the cost of insurance may increase. On the other hand, if the operator is experienced and the chances of a collision occurring are lower, the premium amount might not be as high. Therefore, when looking for a good drone insurance plan, make sure that the drone you have is safe and is being flown by an experienced professional.

Insurance coverage

Every drone insurance plan is different. The coverage that drone insurance provides will largely depend on the policy you are purchasing and the company that provides it. The areas covered by drone insurance plans are different for the owner and the manufacturer. For example, most drone insurance plans cover owners for legal liability and physical damage caused by their drone to a person or property. This insurance will cover the following aspects:

· Personal damage: If your drone invades the personal space of your neighbor or someone else and ends up injuring them.

Non-Ownership: If you crash someone else’s drone that you do not own.

Medical expenses: If your drone collides with a person, causing injuries that require medical treatment.

Premises Liability – If your drone enters the premises of a person who does not like their privacy to be invaded by your drone.

Damage to the UAS: Any damage suffered by the UAS during its flight either due to inclement weather or collision with an airborne object.

Factors to consider when choosing a drone insurance provider

Drone insurance is a very important topic and therefore it is vital that you choose your drone insurance provider very carefully. There are a number of insurance providers available in the market that offer various plans to insure your drone. However, not all are good. Some of the companies are only in this business to make money and don’t really care about their customers. If you want to find the best drone insurance provider, you will need to consider the following factors:

• Reputation

The reputation of the drone insurance provider is vitally important. You should only choose that insurance provider who has a good reputation among the people. The easiest way to find out about the reputation of a drone insurance service is to take a look at the testimonials posted on their website. If the testimonials are generally positive, then the company is reputable.

• reliability

Reliability is also an important factor that should not be overlooked when it comes to choosing a drone insurance provider. Make sure the company you are buying the insurance policy from is reputable and trustworthy if you are having problems with your drone.

• no hidden cost

All the best drone insurance providers have a very clear and transparent pricing structure. They have no hidden costs that are revealed when you need insurance to cover it. To avoid such a case, check the terms and conditions of the insurance provider with the help of an insurance lawyer to make sure that no hidden costs are mentioned there.

• Customer Support

Customer support is also an important aspect that should be given due importance if you want to find the best drone insurance provider. You need to make sure that the insurance company you are dealing with has a responsive customer support staff that answers all of your questions promptly.

Simply put, drone insurance is very important and you would be wise to purchase it if you plan to use these aerial vehicles for personal or business use. However, choose only a reputable and reliable insurance provider to insure your drone.